本文選題：股票質押回購 + 場內質押�。� 參考：《江西財經大學》2017年碩士論文

【摘要】：自2010年起管理層決定對證券公司的證券市場及商業(yè)銀行的貨幣市場作出融合性的推動,到2011年約定購回式融資證券融資方式的實行,都在表明整個國內市場環(huán)境依舊是等待更好的融資方式選擇為主,整個股權市場擁有極大的潛力。通過比較約定購回式證券交易和銀行、信托場外股票質押式回購等不同類型業(yè)務的特點,2013年滬、深交易所開始推廣證券公司股票質押式回購業(yè)務,該業(yè)務打破了約定購回式證券交易在資金提供主體、標的物范疇、業(yè)務時限等層面上存在的壁壘,克服了場外質押在違約處罰結果、業(yè)務效率等層面上存在的問題,采用場內交易的方式來達到客戶對資金融入的各項要求。自從該業(yè)務面世以來,開展該業(yè)務的券商數量迅速增長,辦理該業(yè)務的客戶數量也顯著增長,同時,市場占比和業(yè)務推廣規(guī)模也日漸提高。繼約定購回式證券交易之后,股票質押式回購業(yè)務是一種全新的融資交易手段,是進一步改善各大證券公司融資平臺的一大重要突破,同時更是解決當前我國中小企業(yè)融資困境的一大重要舉措。本文就是立足于這一大金融熱點背景下,對國內的證券公司股票質押回購業(yè)務做了一個總結,大部分的股票質押回購業(yè)務集中在大型的證券公司,比如中信證券、國泰君安證券等,相比于這些大型券商而言,中小券商開展股票質押回購業(yè)務中遇到的問題要復雜很多,因此本文選取中航證券股票質押式回購業(yè)務問題分析作為案例。一方面中航證券是中小券商中較早獲得股票質押業(yè)務試點的券商,股票質押回購業(yè)務推出以來公司便開始開展此業(yè)務,在中小券商中具備代表性;另一方面中航證券背靠國企,在股票質押回購業(yè)務開展與改善中具備特殊性。本文通過對中航證券股票質押業(yè)務的現狀以及現有問題進行分析,提出業(yè)務發(fā)展的對策,并希望以此來為各大同類的證券公司提供可借鑒的業(yè)務開展思路。本文從六個部分展開研究:首先在本文的緒論部分,對目前國內市場的股票質押背景及研究意義作了說明,同時對于國內外關于股票質押的研究做了完整的分析,根據分析指明了本文的研究思路,同時結合分析論述了本文的創(chuàng)新與不足。其次對股票質押業(yè)務做一個基本的介紹,然后比較了國內目前主要的金融機構關于股票質押業(yè)務的開展模式,得出證券公司是開展該項業(yè)務的最佳平臺。再次是對選取的案例中航證券作一案例介紹,包括中航證券公司背景介紹,以及國內及中航證券股票質押回購業(yè)務發(fā)展現狀的介紹。從次是對中航證券股票質押業(yè)務的優(yōu)勢、問題以及面臨的機遇和挑戰(zhàn)進行全面的分析。然后是結合中航證券業(yè)務發(fā)展問題以及中航證券實際的情況,提出了包括資金端、項目端、內部控制流程化以及業(yè)務風險管理的發(fā)展策略建議。最后在文末是對全文案例的總結,總結從本案例中獲得的結論,并指出本篇論文中存在的問題,并為日后的更深層次的鉆研指明方向。
[Abstract]:Since 2010, management has decided to promote the integration of the securities market of securities companies and the monetary market of commercial banks. In 2011, the implementation of the financing mode of repurchase financing securities in 2011 shows that the whole domestic market environment is still waiting for better financing options, and the whole stock market has great potential. Through the comparison of the characteristics of different types of business such as buying back securities trading and banking, Bank of trust and stock repo, Shanghai and Shenzhen Stock Exchange began to promote stock pledge repo business in Shanghai Stock Exchange in 2013. This business broke the level of the agreed repurchase securities trading in the main body of funds, the subject matter category, the business time limit and so on. The barrier has overcome the problems that exist on the level of penalty in default and business efficiency, and use the way of trading in the field to meet the requirements of the customer's integration of funds. Since the operation, the number of securities dealers in the business has grown rapidly, and the number of clients in the business has also increased significantly. The share ratio and the scale of business promotion are also increasing. After the purchase of the return type securities trading, the stock pledge repo business is a new means of financing, which is a major breakthrough to further improve the financing platform of the major securities companies, and is also a major measure to solve the current financing dilemma of small and medium enterprises in China. Based on this big financial background, a summary of the stock repo business of the domestic securities companies is made. Most of the stock pledge repo business is concentrated in the large securities companies, such as CITIC Securities, Guotai Junan Securities and so on. Compared to these large securities firms, small and medium securities dealers carry out the stock repurchase business in stock. The problems encountered are complicated, so this paper selects the analysis of the stock repo business of China Airlines securities stock as a case. On the one hand, China Airlines securities is an earlier securities broker in small and medium securities firms, and the company has begun to carry out this business since the stock repo business is launched, and it is representative in the small and medium brokers. On the other hand, China Airlines securities backed by state-owned enterprises is special in the development and improvement of the stock pledge repo business. Through the analysis of the current situation and existing problems of the stock pledge business of China Airlines securities, this paper puts forward the Countermeasures for the development of the business, and hopes to provide a reference service for the securities companies of the same kind. The paper studies from six parts: first, in the introduction part of this article, the background and significance of the stock pledge in the domestic market are explained. At the same time, a complete analysis of the research on stock pledge at home and abroad is made, and the research ideas of this paper are pointed out according to the analysis. At the same time, the innovation and deficiency of this paper are discussed in combination with the analysis. Secondly, it makes a basic introduction to the stock pledge business, and then compares the current major financial institutions in China on the mode of the stock pledge business, and concludes that the securities companies are the best platform to carry out the business. Again, it is a case for the selected case of China Airlines securities, including the background introduction of China Airlines securities company, and the country. The present situation of the development of the stock repo business of the stock and China China Airlines securities stock is introduced. The second is the comprehensive analysis of the advantages, the problems and the opportunities and challenges of the CAC stock pledge business. Then, it combines the development of China Airlines securities business and the actual situation of China Airlines securities, and puts forward the financial end, the project end and the internal control. Finally, at the end of the paper, we summarize the full text cases, summarize the conclusions obtained from this case, and point out the problems in this paper, and point out the direction for further research in the future.

【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

【參考文獻】

相關期刊論文 前10條

1 鄭國堅;林東杰;林斌;;大股東股權質押、占款與企業(yè)價值[J];管理科學學報;2014年09期

2 陳文潔;;股權質押融資分類及其優(yōu)缺點分析[J];時代金融;2014年09期

3 劉劍;花俏溪;;證券公司的新歡:股票質押式回購[J];新產經;2013年09期

4 胡思奇;;對上市公司股權質押信托融資項目現狀的調查與思考[J];時代金融;2013年23期

5 高偉生;;約定購回式證券交易的試點情況及展望[J];證券市場導報;2013年04期

6 陳敦;;上市公司限售流通股質押的法律風險及效力[J];區(qū)域金融研究;2010年07期

7 任偉娜;;股權質押客體探討[J];現代商貿工業(yè);2010年02期

8 黃中文;劉亞娟;朱芳芳;;股票質押貸款業(yè)務及質押率探析[J];金融理論與實踐;2009年09期

9 趙文彬;;對個人投資者股票質押典當探析[J];中國集體經濟;2009年18期

10 喻志耀;尹一如;;淺析股票質押的標的物[J];商場現代化;2009年14期

相關碩士學位論文 前5條

1 廖曉文;股份有限公司股東質詢權研究[D];安徽大學;2012年

2 陳勇勇;瑕疵股權質押法律效力研究[D];復旦大學;2011年

3 袁俊;R證券公司融資融券業(yè)務風險管理研究[D];西南交通大學;2010年

4 劉川;中行深圳分行證券公司股票質押貸款業(yè)務信用風險管理研究[D];蘭州大學;2009年

5 姜斌;商業(yè)銀行向證券公司融資的風險問題研究[D];西安電子科技大學;2009年

，

本文編號：1837908